Strattec Security (STRT) 10-Q8 Feb 242024 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Dec. 31, 2023	Jan. 02, 2024
Cover [Abstract]
Entity Registrant Name	STRATTEC SECURITY CORP
Entity Central Index Key	0000933034
Document Type	10-Q
Document Period End Date	Dec. 31, 2023
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	0-25150
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1804239
Entity Address, Address Line One	3333 West Good Hope Road
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53209
City Area Code	414
Local Phone Number	247-3333
Document Quarterly Report	true
Document Transition Report	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock Shares Outstanding		4,067,570
Security Exchange Name	NASDAQ
Trading Symbol	STRT
Title of 12(b) Security	Common stock, $.01 par value

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Income Statement [Abstract]
Net sales	$ 118,532	$ 113,184	$ 253,938	$ 233,544
Cost of goods sold	105,035	105,797	221,721	213,661
Gross profit	13,497	7,387	32,217	19,883
Engineering, selling and administrative expenses	13,439	12,081	26,053	24,781
Income (loss) from operations	58	(4,694)	6,164	(4,898)
Equity (loss) earnings of joint ventures	(4)	588	(269)	1,115
Interest expense	(219)	(196)	(439)	(325)
Interest income	107	0	194	0
Other income (expense), net	1,102	52	1,236	(241)
Income (loss) before provision for income taxes and non-controlling interest	1,044	(4,250)	6,886	(4,349)
Provision (benefit) for income taxes	264	(1,735)	1,651	(1,771)
Net income (loss)	780	(2,515)	5,235	(2,578)
Net (loss) income attributable to non-controlling interest	(242)	(676)	48	(864)
Net income (loss) attributable to STRATTEC SECURITY CORPORATION	1,022	(1,839)	5,187	(1,714)
Comprehensive income (loss):
Net income (loss)	780	(2,515)	5,235	(2,578)
Pension and postretirement plans, net of tax	47	70	93	140
Currency translation adjustments	1,014	429	365	(253)
Other comprehensive income (loss), net of tax	1,061	499	458	(113)
Comprehensive income (loss)	1,841	(2,016)	5,693	(2,691)
Comprehensive income (loss) attributable to non-controlling interest	170	(207)	190	(339)
Comprehensive income (loss) attributable to STRATTEC SECURITY CORPORATION	$ 1,671	$ (1,809)	$ 5,503	$ (2,352)
Earnings (loss) per share attributable to STRATTEC SECURITY CORPORATION:
Basic earnings (loss) per share attributable to STRATTEC SECURITY CORPORATION	$ 0.26	$ (0.47)	$ 1.31	$ (0.44)
Diluted earnings (loss) per share attributable to STRATTEC SECURITY CORPORATION	$ 0.26	$ (0.47)	$ 1.30	$ (0.44)
Weighted Average shares outstanding:
Basic weighted average shares outstanding	3,976	3,927	3,962	3,913
Diluted weighted average outstanding shares	3,998	3,927	3,986	3,913

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2023	Jul. 02, 2023
Current Assets:
Cash and cash equivalents	$ 11,575	$ 20,571
Receivables, net	70,802	89,811
Inventories:
Finished products	18,688	17,196
Work in process	19,374	17,492
Purchased materials	58,182	50,024
Excess and obsolete reserve	(6,805)	(7,115)
Inventories, net	89,439	77,597
Customer tooling in progress, net	24,951	20,800
Value added tax recoverable	17,906	7,912
Other current assets	7,624	9,091
Total current assets	222,297	225,782
Deferred income taxes	13,625	13,619
Other long-term assets	5,692	7,083
Property, plant and equipment	304,239	300,176
Less: accumulated depreciation	(214,102)	(205,730)
Net property, plant and equipment	90,137	94,446
Total assets	331,751	340,930
Current Liabilities:
Accounts payable	41,308	57,927
Accrued Liabilities:
Payroll and benefits	23,110	22,616
Value added tax payable	7,122	6,499
Environmental	1,390	1,390
Warranty	9,083	9,725
Other	11,323	10,829
Total accrued liabilities	52,028	51,059
Borrowings under credit facilities - current	13,000
Total current liabilities	106,336	108,986
Borrowings under credit facilities - long term		13,000
Accrued pension obligations	1,286	1,206
Accrued postretirement obligations	1,154	1,157
Other long-term liabilities	5,334	5,557
Shareholders’ Equity:
Common stock	76	75
Capital in excess of par value	101,207	100,309
Retained earnings	239,486	234,299
Accumulated other comprehensive loss	(13,878)	(14,194)
Treasury stock, at cost	(135,501)	(135,526)
Total STRATTEC SECURITY CORPORATION shareholders’ equity	191,390	184,963
Non-controlling interest	26,251	26,061
Total shareholders’ equity	217,641	211,024
Total liabilities and shareholders' equity	$ 331,751	$ 340,930

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2023	Jul. 02, 2023
Statement of Financial Position [Abstract]
Common stock, shares authorized	18,000,000	18,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	7,586,920	7,530,170
Treasury Stock	3,599,575	3,601,124

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 5,235	$ (2,578)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation	8,715	8,798
Foreign currency transaction (gain) loss	(349)	585
Unrealized (gain) loss on peso forward contracts	(826)	23
Stock-based compensation expense	984	874
Equity loss (earnings) of joint ventures	269	(1,115)
Change in operating assets and liabilities:
Receivables	19,178	2,702
Inventories	(11,842)	12,631
Other assets	(12,404)	(11,177)
Accounts payable and accrued liabilities	(16,031)	(2,258)
Other, net	157	250
Net cash (used in) provided by operating activities	(6,914)	8,735
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of interest in VAST LLC	2,000
Investment in joint ventures		(104)
Purchase of property, plant and equipment	(4,393)	(9,477)
Proceeds received on sale of property, plant and equipment		4
Net cash used in investing activities	(2,393)	(9,577)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facilities	2,000	9,000
Repayment of borrowings under credit facilities	(2,000)	(3,000)
Dividends paid to non-controlling interests of subsidiaries		(600)
Exercise of stock options and employee stock purchases	37	146
Net cash provided by financing activities	37	5,546
Foreign currency impact on cash	274	100
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(8,996)	4,804
CASH AND CASH EQUIVALENTS
Cash and cash equivalents: beginning of period	20,571	8,774
Cash and cash equivalents: end of period	11,575	13,578
Cash paid during the period for:
Cash paid during the period for income taxes	1,446	946
Cash paid during the period for interest	440	244
Non-cash investing activities:
Change in capital expenditures in accounts payable	$ (175)	$ (553)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,022	$ (1,839)	$ 5,187	$ (1,714)

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	nor did the Company during such fiscal quarter adopt or terminate any "Rule 10b5-1 trading arrangement".
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Financial Statements

Basis of Financial Statements	6 Months Ended
Basis of Financial Statements	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Statements	Basis of Financial Statements STRATTEC SECURITY CORPORATION designs, develops, manufactures and markets automotive access control products including mechanical locks and keys, electronically enhanced locks and keys, fobs, passive entry passive start systems (PEPS), steering column and instrument panel ignition lock housings, latches, power sliding door systems, power tailgate systems, power lift gate systems, power deck lid systems, door handles and related products for primarily North American automotive customers. We also supply global automotive manufacturers through a unique strategic relationship with WITTE Automotive (“WITTE”) of Velbert, Germany, and ADAC Automotive (“ADAC”) of Grand Rapids, Michigan, which has been restructured effective as of June 30, 2023 as described elsewhere herein. Under this relationship, STRATTEC, WITTE and ADAC market the products of each company to global customers as cooperating partners of the “VAST Automotive Group” brand name (as more fully described herein). STRATTEC products are shipped to customer locations in the United States, Canada, Mexico, Europe, South America, Korea, China and India, and we, along with WITTE and ADAC, provide full service and aftermarket support for each VAST Automotive Group partner’s products. As noted below, effective as of June 30, 2023, we sold our one-third ownership interest in Vehicle Access Systems Technologies LLC ("VAST LLC") to WITTE and entered into a cooperation framework agreement with WITTE related to VAST LLC which provides an ongoing framework for the parties to collaborate on global programs related to product development and manufacturing. The accompanying condensed consolidated financial statements reflect the consolidated results of STRATTEC SECURITY CORPORATION, its wholly owned subsidiaries STRATTEC de Mexico and STRATTEC POWER ACCESS LLC ("SPA"), and its majority owned subsidiary, ADAC-STRATTEC, LLC. Effective June 30, 2023, SPA became a wholly owned subsidiary of STRATTEC as a result of the purchase of its remaining non-controlling interest. Prior to June 30, 2023, STRATTEC owned 80 percent of SPA. STRATTEC is headquartered in Milwaukee, Wisconsin. STRATTEC de Mexico is located in Juarez, Mexico. ADAC-STRATTEC, LLC and SPA have operations in El Paso, Texas and Juarez and Leon, Mexico. Effective June 30, 2023, we sold our equity investment in VAST LLC to WITTE. Prior to the sale, our equity investment in VAST LLC, for which we exercised significant influence but did not control and was not a variable interest entity of STRATTEC, was accounted for using the equity method. VAST LLC consisted primar ily of four wholly owned subsidiaries in China, one wholly owned subsidiary in Brazil and one joint venture entity in India. The results of the VAST LLC foreign subsidiaries and joint venture were reported on a one-month lag basis. We have one reporting segment. In the opinion of management, the accompanying condensed consolidated balance sheets as of December 31, 2023 and July 2, 2023, which have been derived from our audited financial statements, and the related unaudited interim condensed consolidated financial statements included herein contain all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with Rule 10-01 of Regulation S-X. All significant intercompany transactions have been eliminated. Interim financial results are not necessarily indicative of operating results for an entire year. The information included in this Form 10-Q should be read in conjunction with the financial statements and notes thereto included in the STRATTEC SECURITY CORPORATION 2023 Form 10-K, which was filed with the Securities and Exchange Commission on September 7, 2023. During December 2022, management determined that a previously unrecorded liability for postretirement death benefits was required to be recognized in accordance with ASC 715. Eligible participants for this death benefit include all salaried retirees who retired prior to October 1, 2001 and all hourly retirees who were hired prior to June 27, 2005 and retired prior to January 1, 2010. As such, prior period amounts have been corrected to include the actuarially calculated liability and the unrecognized actuarial losses impacting Accumulated Other Comprehensive Loss in the Condensed Consolidated Balance Sheets. Additionally, management identified a correction to the previously reported Investment in Joint Ventures amount reported in the Condensed Consolidated Balance Sheets. While prior period amounts have been corrected for comparability, the corrections, both individually and in total, were not material to the previously reported condensed consolidated financial statements. The impact of the prior period corrections on the components of Stockholders’ Equity and the related components of Accumulated Other Comprehensive Loss was as follows (thousands of dollars): July 3, 2022 October 2, 2022 Previously Reported Adjustment As Reported Previously Reported Adjustment As Reported Retained earnings $ 241,504 $ ( 535 ) $ 240,969 $ 241,632 $ ( 538 ) $ 241,094 Accumulated other comprehensive loss ( 18,657 ) 69 ( 18,588 ) ( 19,320 ) 64 ( 19,256 ) Total STRATTEC SECURITY 188,866 ( 466 ) 188,400 189,068 ( 474 ) 188,594 Total shareholders' equity $ 220,413 $ ( 466 ) $ 219,947 $ 219,883 $ ( 474 ) $ 219,409 Accumulated other comprehensive loss: Foreign currency translation adjustments $ ( 16,723 ) $ ( 10 ) $ ( 16,733 ) $ ( 17,461 ) $ ( 10 ) $ ( 17,471 ) Retirement and postretirement benefit ( 1,934 ) 79 ( 1,855 ) ( 1,859 ) 74 ( 1,785 ) Accumulated other comprehensive loss $ ( 18,657 ) $ 69 $ ( 18,588 ) $ ( 19,320 ) $ 64 $ ( 19,256 ) The correction of prior period amounts had no impact on amounts previously reported in the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) or in the Condensed Consolidated Statements of Cash Flows during the three-month and six-month periods ended January 1, 2023. In conjunction with the correction of the prior period amounts, the Shareholders’ Equity and Accumulated Other Comprehensive Loss footnotes were impacted by the above adjustments.

Risks and Uncertainties

Risks and Uncertainties	6 Months Ended
Risks and Uncertainties	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Risks and Uncertainties	Risks and Uncertainties STRATTEC’s operating performance is subject to global economic conditions, inflationary pressures and levels of consumer spending specifically within the automotive industry. In our fiscal year 2023, the inflationary pressures negatively affected the areas of raw materials, purchased materials and wage rates in Mexico, resulting in increased raw material and purchase part costs in the year. While our results for the six-month period ended December 2023 reflect reduced raw material costs as compared to prior year period, inflationary pressures on purchased materials and wage rates in Mexico persist, thus continuing to negatively impact our operating results for fiscal 2024. Additionally, unforeseen global economic conditions may adversely impact our supply chain and operations, including impacting our customers, workforce and suppliers, any of which may disrupt and limit sourcing of critical supply chain components needed by us and our customers to meet expected production schedules. Moreover, these events may create added inflationary pressures on our operations, including further increases in wages and the prices of raw materials and purchased parts. All of these foregoing matters, including their scope and duration, are uncertain and cannot be predicted as to timing and cost impacts upon our operations. These changing conditions may also affect the estimates and assumptions made by our management in our financial statements. Such estimates and assumptions affect, among other things, our long-lived asset valuations, assessment of our annual effective tax rate, valuation of deferred income taxes, assessment of excess and obsolete inventory reserves, and assessment of collectability of trade receivables.

New Accounting Standard

New Accounting Standard	6 Months Ended
New Accounting Standard	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
New Accounting Standard	New Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses . The update revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. Originally, the update was effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. In November 2019, FASB issued ASU 2019-10, Financial Instruments – Credit Losses, Derivatives and Hedging, and Leases . This ASU defers the effective date of ASU 2016-13 for public companies that are considered smaller reporting companies as defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We adopted this standard in the first quarter of our fiscal 2024. The adoption of this pronouncement did no t have a material impact on our consolidated financial statements. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative . The update incorporates into the Codification several disclosures and presentation requirements currently residing in SEC Regulations S-X and S-K. The effective date of ASU 2023-06 will be the date that the SEC eliminates the corresponding disclosure requirement from Regulation S-X and Regulation S-K. All amendments must be applied prospectively. The adoption of this pronouncement is not expected to have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures . The update enhances annual and interim reportable segment disclosures primarily by requiring disclosures about significant reportable segment expenses and provides new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for public business entities for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This update is to be applied retrospectively to all periods presented in the financial statements. As a result of this update, we will be required to provide single reportable segment disclosure. Annual reporting under this update becomes effective for us in our fiscal 2025. Interim reporting under this update becomes effective for us in our fiscal 2026. We are currently assessing the required disclosure impacts of this update. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures . The update requires greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024, with early adoption permitted. This update is to be applied on a prospective basis. Retrospective application is permitted. Annual reporting under this update becomes effective for us in our fiscal 2026. We are currently assessing the required disclosure impacts of this update.

Value-Added Tax

Value-Added Tax	6 Months Ended
Value-Added Tax	Dec. 31, 2023
Value-Added Tax [Abstract]
Value-Added Tax	Value-Added Tax Our Mexican entities are subject to value-added tax ("VAT"). VAT is paid on goods and services and collected on sales. A VAT certification generally allows for relief from VAT tax for temporarily imported goods. Our VAT recoverable and payable balances were increased as of July 2, 2023 due to several monthly tax periods being open to audit by the Mexican tax authority. As of December 31, 2023, the audits for periods prior to July 2023 have been closed. VAT recoverable balances increased $ 10.0 million during the six-month period ended December 31, 2023 mostly due a temporary issue with our VAT tax certification. Although the certification issue was resolved during the quarter ended December 31, 2023, we were required to pay VAT on all parts temporarily imported into Mexico before seeking reimbursement for periods in which the certification issue was outstanding, which periods are now open to audit with the Mexican tax authority. Temporary increases in the VAT recoverable and payable balances will remain elevated until the periods under audit are closed.

Derivative Instruments

Derivative Instruments	6 Months Ended
Derivative Instruments	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments We own and operate manufacturing operations in Mexico. As a result, a portion of our manufacturing costs are incurred in Mexican pesos, which causes our earnings and cash flows to fluctuate due to changes in the U.S. dollar/Mexican peso exchange rate. During fiscal 2024, we entered into monthly Mexican peso currency forward contracts with Bank of Montreal for a portion of our estimated peso denominated operating costs during the period January 2024 through June 2024. We also had contracts with Bank of Montreal that provided for monthly Mexican peso currency forward contracts for a portion of our estimated peso denominated operating costs during our fiscal 2023. Our objective in entering into currency forward contracts is to minimize our earnings volatility resulting from changes in exchange rates affecting the U.S. dollar cost of our Mexican operations. The Mexican peso forward contracts are not used for speculative purposes and are not designated as hedges. As a result, all currency forward contracts are recognized in our accompanying condensed consolidated financial statements at fair value and changes in the fair value are reported in current earnings as part of Other Income (Expense), net. The following table quantifies the outstanding Mexican peso forward contracts as of December 31, 2023 (thousands of dollars, except with respect to the average forward contractual exchange rate): Effective Dates Notional Amount Average Forward Contractual Exchange Rate Fair Value Buy MXP/Sell USD January 9, 2024 − June 11, 2024 $ 12,000 18.366 $ 826 The fair market value of all outstanding Mexican peso forward contracts in the accompanying Condensed Consolidated Balance Sheets as of the dates specified was as follows (thousands of dollars): December 31, July 2, Not designated as hedging instruments: Other current assets: Mexican peso forward contracts $ 826 $ — The pre-tax effects of the Mexican peso forward contracts are included in Other Income (Expense), net on the accompanying Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) and consisted of the following for the periods indicated below (thousands of dollars): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Not designated as hedging instruments: Realized and unrealized gain, net $ 826 $ 319 $ 826 $ 522

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of our cash and cash equivalents, accounts receivable, accounts payable and borrowings under our credit facilities approximated book value as of December 31, 2023 and July 2, 2023. Fair value is defined as the exchange price that would be received for an asset or paid for a liability (an exit price) in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (in thousands): Fair Value Inputs Level 1 Assets: Active Markets Level 2 Assets: Level 3 Assets: Assets: Rabbi trust assets: Stock Index Funds: Small cap $ 83 $ — $ — Mid cap 156 — — Large cap 304 — — International 379 — — Fixed income funds 453 — — Cash and cash equivalents — 1,346 — Mexican peso forward contracts — 826 — Total assets at fair value $ 1,375 $ 2,172 $ — The Rabbi Trust assets fund our Amended and Restated Supplemental Executive Retirement Plan. As of December 31, 2023, $ 1.2 million of the Rabbi Trust asset balance was included in Other Current Assets and $ 1.5 million was included in Other Long-Term Assets in the accompanying Condensed Consolidated Balance Sheets.

Investment in Joint Ventures an

Investment in Joint Ventures and Majority Owned Subsidiaries	6 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Ventures and Majority Owned Subsidiaries	Investment in Joint Ventures and Majority Owned Subsidiaries Prior to June 30, 2023, we participated in certain Alliance Agreements with WITTE Automotive (“WITTE”) and ADAC Automotive (“ADAC”). WITTE, of Velbert, Germany, is a privately held automotive supplier. WITTE designs, manufactures and markets automotive components, including hood latches, rear compartment latches, seat back latches, door handles and specialty fasteners. WITTE’s primary market for these products has been Europe. ADAC, of Grand Rapids, Michigan, is a privately held automotive supplier and manufactures engineered products, including door handles and other automotive trim parts, utilizing plastic injection molding, automated painting and various assembly processes. The Alliance Agreements included a set of cross-licensing agreements for the manufacture, distribution and sale of WITTE products by STRATTEC and ADAC in North America, and the manufacture, distribution and sale of STRATTEC and ADAC products by WITTE in Europe. Additionally, a joint venture company, Vehicle Access Systems Technology LLC (“VAST LLC”), in which WITTE, STRATTEC and ADAC each held a one-third equity interest, existed to seek opportunities to manufacture and sell each company’s products in areas of the world outside of North America and Europe. As a result of these relationships, the entities involved purchased component products from each other for use in end products assembled and sold in their respective home markets. STRATTEC purchased such component parts from WITTE. These purchases totaled $ 142,000 and $ 277,000 during the three- and six-month periods ended January 1, 2023. WITTE was no longer a related party as of July 2, 2023 as a result of the Equity Restructuring Agreement discussed below. VAST LLC had investments in Sistema de Acesso Veicular Ltda, VAST China (Taicang), VAST Jingzhou Co. Ltd., VAST Shanghai Co., VAST Fuzhou and Minda-VAST Access Systems. The operations under VAST Fuzhou closed during our fiscal 2021. Sistema de Acesso Veicular Ltda was located in Brazil and serviced customers in South America. VAST LLC disposed of Sistema de Acesso Veicular Ltda in June 2023. VAST China (Taicang), VAST Jingzhou Co. Ltd, and VAST Shanghai Co. (collectively known as VAST China), provided a base of operations to service each VAST partner’s automotive customers in the Asian market. Minda-VAST Access Systems is based in Pune, India and is a 50: 50 joint venture between VAST LLC and Minda Management Services Limited, an affiliate of both Minda Corporation Limited and Spark Minda, Ashok Minda Group of New Delhi, India (collectively “Minda”). Minda and its affiliates cater to the needs of all major car, motorcycle, commercial vehicle, tractor and off-road vehicle manufacturers in India. VAST LLC also maintained branch offices in South Korea and Japan in support of customer sales and engineering requirements. Effective June 30, 2023, we entered into and completed transactions contemplated by an Equity Restructuring Agreement ("Restructuring Agreement") between STRATTEC and WITTE. Pursuant to the terms of the Restructuring Agreement, STRATTEC sold its one-third interest in VAST LLC to WITTE and STRATTEC purchased WITTE's 20 percent non-controlling interest in STRATTEC POWER ACCESS LLC ("SPA") along with the net assets of VAST LLC's Korea branch office. As of June 30, 2023, the Korean branch office is wholly owned by STRATTEC and its subsequent financial results are consolidated with the financial results of STRATTEC. We believe the Restructuring Agreement positions STRATTEC to redeploy assets, both financial and technical, to create greater focus on STRATTEC-specific strategic growth opportunities in North America and around the world. We also expect that this transaction allows STRATTEC to be well-positioned to take advantage of new opportunities, including more of our product applications on Electric Vehicles, growing consumer demand for Power Access products, expansion of electronics capabilities and other new automotive products. Moreover, we expect it to also give us greater resources to further explore diversification of markets, complimentary technology and regions outside of North America. As part of the Restructuring Agreement, STRATTEC also entered into a cooperation framework agreement with WITTE related to VAST LLC which provides a framework for the parties to collaborate on global automotive programs related to product development and manufacturing. Prior to the restructuring agreement, VAST LLC investments were accounted for using the equity method of accounting. Results of the VAST LLC foreign subsidiaries and joint venture were reported on a one-month lag basis. The activities of the VAST LLC foreign subsidiaries and joint ventures resulted in equity loss of joint venture s of $ 269,000 du ring the six-month period ended December 31, 2023, which loss was the result of additional professional fees incurred related to the Restructuring Agreement. The current period loss is an adjustment to the gain on sale of VAST LLC of $ 110,000 , which was recorded in our fiscal 2023. Our adjusted loss on sale of VAST LLC totals $ 159,000 a s of December 31, 2023. During July 2023, the final $ 2.0 million net purchase price due to STRATTEC under the Restructuring Agreement was received. The activities of the VAST LLC foreign subsidiaries and joint ventures resulted in equity earnings of joint ventures to STRATTEC of approximately $ 1.1 million during the six-month period ended January 1, 2023. During the six-month period ended January 1, 2023, capital contributions totaling $ 312,000 were made to VAST for purposes of funding operations in Brazil. STRATTEC's portion of the capital contributions totaled $ 104,000 . As of June 30, 2023, STRATTEC had no continuing involvement in VAST LLC other than under the cooperation framework agreement described above . STRATTEC POWER ACCESS LLC (“SPA”) was formed in fiscal year 2009 to supply the North American portion of the power sliding door, lift gate, tail gate and deck lid system access control products which were acquired from Delphi Corporation. Prior to the Restructuring Agreement, SPA was 80 percent owned by STRATTEC and 20 percent owned by WITTE. As a result of the Restructuring Agreement, STRATTEC purchased the remaining 20 percent interest in SPA, and SPA became a wholly owned subsidiary of STRATTEC. An additional Mexican entity, STRATTEC POWER ACCESS de Mexico, is wholly owned by SPA. The financial results of SPA are consolidated with the financial results of STRATTEC. ADAC-STRATTEC LLC, a Delaware limited liability company, was formed in fiscal year 2007 to support injection molding and door handle assembly operations in Mexico. ADAC-STRATTEC LLC was 51 percent owned by STRATTEC and 49 percent owned by ADAC for all periods presented in this report. An additional Mexican entity, ADAC-STRATTEC de Mexico, is wholly owned by ADAC-STRATTEC LLC. ADAC-STRATTEC LLC’s financial results are consolidated with the financial results of STRATTEC and resulted in increased net sales and net income to STRATTEC of approximately $ 62.9 million and $ 234,000 , respectively, during the six-month period ended December 31, 2023 and increased net sales and reduced net inco me to STRATTEC of approximately $ 58.5 million and $ 950,000 , respectively, during the six-month period ended January 1, 2023. ADAC charges ADAC STRATTEC LLC an engineering, research and design fee as well as a sales fee. Such fees are calculated as a percentage of net sales and are included in the consolidated results of STRATTEC. Additionally, ADAC-STRATTEC LLC sells production parts to ADAC. Sales to ADAC are included in the consolidated results of STRATTEC. The following table summarizes these related party transactions for the periods indicated below (in thousands): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Engineering, research and design fee charged to $ 2,111 $ 1,990 $ 4,405 $ 4,098 Sales to ADAC $ 2,021 $ 2,528 $ 4,855 $ 5,320

Equity (Loss) Earnings of Joint

Equity (Loss) Earnings of Joint Ventures	6 Months Ended
Equity (Loss) Earnings of Joint Ventures	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity (Loss) Earnings of Joint Ventures	Equity (Loss) Earnings of Joint Ventures As discussed above within Investment in Joint Ventures and Majority Owned Subsidiaries, effective June 30, 2023, we sold our one-third ownership interest in VAST LLC, for which we exercised significant influence but did not control. VAST LLC was not a variable interest entity of STRATTEC. Until the effective date of the sale, our investment in VAST LLC was accounted for using the equity method. Prior to the effective date of the sale, the results of the VAST LLC foreign subsidiaries and joint venture were reported on a one-month lag basis. The following are summarized statements of operations for VAST LLC (in thousands): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Net sales $ — $ 56,953 $ — $ 123,099 Cost of goods sold — 45,969 — 101,751 Gross profit — 10,984 — 21,348 Engineering, selling and administrative expenses — 9,227 — 17,759 Income from operations — 1,757 — 3,589 Other income, net — 386 — 458 Income before provision for income taxes — 2,143 — 4,047 Provision for income taxes — 382 — 750 Net income $ — $ 1,761 $ — $ 3,297 STRATTEC's share of VAST LLC net income — 587 — 1,099 Intercompany profit elimination — 1 — 16 STRATTEC’s equity earnings of VAST LLC — 588 — 1,115 Loss on sale of VAST LLC ( 4 ) — ( 269 ) — STRATTEC’s equity (loss) earnings of VAST LLC $ ( 4 ) $ 588 $ ( 269 ) $ 1,115 We had sales of component parts to VAST LLC, purchases of component parts from VAST LLC, expenses charged to VAST LLC for engineering and accounting services and expenses charged to us from VAST LLC for general headquarters expenses. As a result of the sales of our VAST LLC ownership interest to WITTE, VAST LLC was no longer a related party as of June 30, 2023. The following table summarizes these related party transactions with VAST LLC for the periods indicated below (in thousands): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Sales to VAST LLC $ — $ 17 $ — $ 27 Purchases from VAST LLC $ — $ 13 $ — $ 27 Expenses charged to VAST LLC $ — $ 161 $ — $ 242 Expenses charged from VAST LLC $ — $ 209 $ — $ 452

Leases

Leases	6 Months Ended
Leases	Dec. 31, 2023
Leases [Abstract]
Leases	Leases Our right-of-use operating lease assets are recorded at the present value of future minimum lease payments, net of amortization. We have an operating lease for our El Paso, Texas finished goods and service parts distribution warehouse. This lease has a current lease term through December 2028 and does not include any options to extend the lease term beyond such timeframe. We have two operating leases for office space at our Korean branch office. Both of these leases have a lease term through June 2024 with automatic renewal. For purposes of calculating operating lease obligations, we included an extension of four years after June 2024 as it is reasonably certain that we will exercise such automatic renewals. Our leases do not contain material residual value guarantees or restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease term. As the leases do not provide an implicit rate, we used our incremental borrowing rate at lease commencement to determine the present value of our lease payments. The incremental borrowing rate is an entity-specific rate which represents the rate of interest we would pay to borrow over a similar term with similar payments. The operating lease asset and obligation related to our operating leases included in the accompanying Condensed Consolidated Balance Sheets are presented below (in thousands): December 31, Right-of use asset under operating lease: Other long-term assets $ 4,162 Lease obligation under operating lease: Current liabilities: Accrued liabilities: other $ 737 Other long-term liabilities 3,742 $ 4,479 Future minimum lease payments, by our fiscal year, including options to extend that are reasonably certain to be exercised, under these non-cancelable leases are as follows as of December 31, 2023 (in thousands): 2024 (for the remaining six months) $ 478 2025 979 2026 1,026 2027 1,075 2028 1,127 Thereafter 558 Total future minimum lease payments 5,243 Less: Imputed interest ( 764 ) Total lease obligations $ 4,479 Cash flow information related to the operating lease is shown below (in thousands): Six Months Ended December 31, January 1, Operating cash flows: Cash paid related to operating lease obligation $ 291 $ 247 The weighted average lease term and discount rate for our operating leases are shown below: December 31, Weighted average remaining lease term (in years) 5.0 Weighted average discount rate 6.2 % Operating lease expense was as follows for the periods presented below (in thousands): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Operating lease expense $ 248 $ 125 $ 495 $ 247

Credit Facilities

Credit Facilities	6 Months Ended
Credit Facilities	Dec. 31, 2023
Debt Disclosure [Abstract]
Credit Facilities	Credit Facilities STRATTEC has a $ 40 million secured revolving credit facility (the “STRATTEC Credit Facility”) with BMO Harris Bank N.A. ADAC-STRATTEC LLC has a $ 25 million secured revolving credit facility (the “ADAC-STRATTEC Credit Facility”) with BMO Harris Bank N.A., which is guaranteed by STRATTEC. The STRATTEC Credit Facility expires August 1, 2026 . The ADAC-STRATTEC Credit Facility expires August 1, 2024 . Borrowings under either credit facility are secured by our U.S. cash balances, accounts receivable, inventory, and fixed assets. Interest on borrowings under the STRATTEC Credit Facility were at varying rates based, at our option, on the bank's prime rate or LIBOR plus 1.25 percent through February 22, 2023, SOFR plus 1.35 percent for the period February 23, 2023 through September 5, 2023 , and SOFR plus 1.85 percent subsequent to September 5, 2023 . Interest on borrowings under the ADAC-STRATTEC Credit Facility were at varying rates based, at our option, on the bank's prime rate or LIBOR plus 1.25 percent through February 6, 2023 and SOFR plus 1.35 percent subsequent to February 6, 2023 . Both credit facilities contain a restrictive financial covenant that requires the applicable borrower to maintain a minimum net worth level. The ADAC-STRATTEC Credit Facility includes an additional restrictive financial covenant that requires the maintenance of a minimum fixed charge coverage ratio. As of December 31, 2023, we were in compliance with all financial covenants required by these credit facilities. Outstanding borrowings under the credit facilities were as follows (in thousands): December 31, July 2, STRATTEC Credit Facility $ — $ — ADAC-STRATTEC Credit Facility 13,000 13,000 $ 13,000 $ 13,000 Average outstanding borrowings and the weighted average interest rate under each credit facility referenced above were as follows for each period presented (in thousands): Six Months Ended Average Outstanding Borrowings Weighted Average Interest Rate December 31, January 1, December 31, January 1, STRATTEC Credit Facility $ 66 $ 3,121 8.5 % 4.4 % ADAC-STRATTEC Credit Facility $ 13,000 $ 11,852 6.7 % 4.3 %

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are from time to time subject to various legal actions and claims incidental to our business, including those arising out of alleged defects, alleged breaches of contracts, product warranties, intellectual property matters and employment related matters. It is our opinion that the outcome of such matters will not have a material adverse impact on our consolidated financial position, results of operations or cash flows. With respect to warranty matters, although we cannot ensure that future costs of warranty claims by customers will not be material, we believe our established reserves are adequate to cover potential warranty settlements. In 1995, we recorded a provision for estimated costs to remediate an environmental contamination site at our Milwaukee facility. The facility was contaminated by a solvent spill, which occurred in 1985, from a former above ground solvent storage tank located on the east side of the facility. The reserve was originally established based on third party estimates to adequately cover the cost for active remediation of the contamination. Due to changing technology and related costs associated with active remediation of the contamination, in fiscal years 2010, 2016, and 2021, we obtained updated third party estimates of projected costs to adequately cover the cost for active remediation of this contamination and adjusted the reserve as needed. We monitor and evaluate the site with the use of groundwater monitoring wells. An environmental consultant samples these wells one or two times a year to determine the status of the contamination and the potential for remediation of the contamination by natural attenuation, the dissipation of the contamination over time to concentrations below applicable standards. If such sampling evidences a sufficient degree of and trend toward natural attenuation of the contamination at the site, we may be able to obtain a closure letter from the regulatory authorities resolving the issue without the need for active remediation. If a sufficient degree and trend toward natural attenuation is not evidenced by sampling, a more active form of remediation beyond natural attenuation may be required. The sampling has not yet satisfied all of the requirements for closure by natural attenuation. As a result, sampling continues and the reserve remains at an amount to reflect our estimated cost of active remediation. The reserve is not measured on a discounted basis. We believe, based on findings-to-date and known environmental regulations, that the environmental reserve of $ 1.4 million at December 31, 2023 is adequate.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Dec. 31, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity A summary of activity impacting shareholders’ equity for the three- and six-month periods ended December 31, 2023 and January 1, 2023 were as follows (in thousands): Three months ended December 31, 2023 Total Common Stock Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Non-Controlling Interest Balance, October 1, 2023 $ 215,301 $ 76 $ 100,721 $ 238,464 $ ( 14,527 ) $ ( 135,514 ) $ 26,081 Net income 780 — — 1,022 — — ( 242 ) Translation adjustments 1,014 — — — 602 — 412 Stock based compensation 479 — 479 — — — — Pension and postretirement 47 — — — 47 — — Employee stock purchases 20 — 7 — — 13 — Balance, December 31, 2023 $ 217,641 $ 76 $ 101,207 $ 239,486 $ ( 13,878 ) $ ( 135,501 ) $ 26,251 Three months ended January 1, 2023 Total Common Stock Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Non-Controlling Interest Balance, October 2, 2022 $ 219,409 $ 75 $ 102,250 $ 241,094 $ ( 19,256 ) $ ( 135,569 ) $ 30,815 Net loss ( 2,515 ) — — ( 1,839 ) — — ( 676 ) Translation adjustments 429 — — — ( 40 ) — 469 Stock based compensation 263 — 263 — — — — Pension and postretirement 70 — — — 70 — — Employee stock purchases 20 — 7 — — 13 — Balance, January 1, 2023 $ 217,676 $ 75 $ 102,520 $ 239,255 $ ( 19,226 ) $ ( 135,556 ) $ 30,608 Six months ended December 31, 2023 Total Common Stock Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Non-Controlling Interest Balance, July 2, 2023 $ 211,024 $ 75 $ 100,309 $ 234,299 $ ( 14,194 ) $ ( 135,526 ) $ 26,061 Net income 5,235 — — 5,187 — — 48 Translation adjustments 365 — — — 223 — 142 Purchase of SPA non- ( 97 ) — ( 97 ) — — — — Stock based compensation 984 — 984 — — — — Pension and postretirement 93 — — — 93 — — Employee stock purchases 37 1 11 — — 25 — Balance, December 31, 2023 $ 217,641 $ 76 $ 101,207 $ 239,486 $ ( 13,878 ) $ ( 135,501 ) $ 26,251 Six months ended January 1, 2023 Total Common Stock Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Non-Controlling Interest Balance, July 3, 2022 $ 219,947 $ 75 $ 101,524 $ 240,969 $ ( 18,588 ) $ ( 135,580 ) $ 31,547 Net loss ( 2,578 ) — — ( 1,714 ) — — ( 864 ) Dividend declared – non- ( 600 ) — — — — — ( 600 ) Translation adjustments ( 253 ) — — — ( 778 ) — 525 Stock based compensation 874 — 874 — — — — Pension and postretirement 140 — — — 140 — — Stock option exercises 109 — 109 — — — — Employee stock purchases 37 — 13 — — 24 — Balance, January 1, 2023 $ 217,676 $ 75 $ 102,520 $ 239,255 $ ( 19,226 ) $ ( 135,556 ) $ 30,608

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
Revenue from Contracts with Customers	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers We generate revenue from the production of parts sold to automotive and light-truck Original Equipment Manufacturers (“OEMs”), or Tier 1 suppliers at the direction of the OEM, under long-term supply agreements supporting new vehicle production. Such agreements also require related production of service parts subsequent to the initial vehicle production periods. Additionally, we generate revenue from the production of parts sold in aftermarket service channels and to non-automotive commercial customers. Contract Balances: We have no material contract assets or contract liabilities as of December 31, 2023 or July 2, 2023. Revenue by Product Group and Customer: Revenue by product group for the periods presented was as follows (thousands of dollars): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Door handles & exterior trim $ 30,155 $ 28,425 $ 62,923 $ 58,550 Power access 26,084 26,445 58,735 51,286 Keys & locksets 24,617 24,716 54,912 53,381 Latches 14,713 13,658 30,273 28,420 Aftermarket & OE service 9,028 9,493 19,932 20,141 User interface controls 11,417 8,620 22,014 17,738 Other 2,518 1,827 5,149 4,028 $ 118,532 $ 113,184 $ 253,938 $ 233,544 Revenue by customer or customer group for the periods presented was as follows (thousands of dollars): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, General Motors Company $ 36,517 $ 35,534 $ 77,022 $ 73,684 Ford Motor Company 24,634 22,149 51,543 46,765 Stellantis 13,200 16,995 40,497 34,150 Tier 1 Customers 18,055 16,083 36,178 33,392 Commercial and Other OEM 14,452 13,134 28,647 27,960 Hyundai / Kia 11,674 9,289 20,051 17,593 $ 118,532 $ 113,184 $ 253,938 $ 233,544

Other Income (Expense), net

Other Income (Expense), net	6 Months Ended
Other Income (Expense), net	Dec. 31, 2023
Other Income and Expenses [Abstract]
Other Income (Expense), net	Other Income (Expense), net Net other income (expense) included in the accompanying Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) primarily included foreign currency transaction gains and losses, realized and unrealized gains and losses on our Mexican peso currency forward contracts, the components of net periodic benefit cost other than the service cost component related to our pension and postretirement plans and Rabbi Trust gains and losses. Foreign currency transaction gains and losses resulted from activity associated with foreign denominated assets and liabilities held by our Mexican subsidiaries. The Rabbi Trust assets fund our Amended and Restated Supplemental Executive Retirement Plan. The investments held in the Trust are considered trading securities. We entered into the Mexican peso currency forward contracts to reduce earnings volatility resulting from changes in exchange rates affecting the U.S. dollar cost of our Mexican operations. Unrealized gains and losses on the peso forward contracts recognized as a result of mark-to-market adjustments as of December 31, 2023 may or may not be realized in future periods. Pension and postretirement plan costs include the components of net periodic benefit cost other than the service cost component. The impact of these items for each of the periods presented was as follows (in thousands): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Foreign currency transaction gain (loss) $ 147 $ ( 514 ) $ 349 $ ( 585 ) Realized and unrealized gain on peso 826 319 826 522 Pension and postretirement plans cost ( 99 ) ( 131 ) ( 197 ) ( 260 ) Rabbi trust gain 145 389 103 23 Other 83 ( 11 ) 155 59 $ 1,102 $ 52 $ 1,236 $ ( 241 )

Warranty

Warranty	6 Months Ended
Warranty	Dec. 31, 2023
Guarantees and Product Warranties [Abstract]
Warranty	Warranty We have a warranty reserve recorded on our accompanying Condensed Consolidated Balance Sheets related to our known and potential exposure to warranty claims in the event our products fail to perform as expected and in the event we may be required to participate in the repair costs incurred by our customers for such products. The recorded warranty reserve balance involves judgment and estimates. Our reserve estimate is based on an analysis of historical warranty data as well as current trends and information. As additional information becomes available, actual results may differ from recorded estimates, which may require us to adjust the amount of our warranty provision .

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was 25.3 percent and 40.8 percent for the three-month periods ended December 31, 2023 and January 1, 2023, respectively. Our effective tax rate was 24.0 percent and 40.7 percent for the six-month periods ended December 31, 2023 and January 1, 2023, respectively. The higher effective tax rate in the prior year three- and six-month periods was due to the impact of available R&D and foreign tax credits on projected pre-tax book losses for the fiscal year. The change in our effective tax rate between quarterly periods was also impacted by the sale of our interest in VAST LLC and the purchase of the remaining non-controlling interest in SPA, which were both effective June 30, 2023. Our prior year period effective tax rate differs from the statutory tax rate due to the application of the Global Intangible Low Taxed Income (GILTI) tax provisions, our available R&D tax credit and the non-controlling interest portion of our pre-tax income. The non-controlling interest portion impacts the effective tax rate as ADAC-STRATTEC LLC is taxed as a partnership for U.S. tax purposes. SPA was taxed as a partnership in our fiscal 2023.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
Earnings (Loss) Per Share	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share is computed on the basis of the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the potential dilutive common shares outstanding during the applicable period using the treasury stock method. Potential dilutive common shares include outstanding stock options and unvested restricted stock awards. A reconciliation of the components of the basic and diluted per-share computations follows (in thousands, except per share amounts): Three Months Ended December 31, January 1, Net Income Shares Per-Share Amount Net Loss Shares Per-Share Amount Basic earnings (loss) per share $ 1,022 3,976 $ 0.26 $ ( 1,839 ) 3,927 $ ( 0.47 ) Stock option and restricted — 22 — — Diluted earnings (loss) per share $ 1,022 3,998 $ 0.26 $ ( 1,839 ) 3,927 $ ( 0.47 ) Six Months Ended December 31, January 1, Net Income Shares Per-Share Amount Net Loss Shares Per-Share Amount Basic earnings (loss) per share $ 5,187 3,962 $ 1.31 $ ( 1,714 ) 3,913 $ ( 0.44 ) Stock option and restricted — 24 — — Diluted earnings (loss) per share $ 5,187 3,986 $ 1.30 $ ( 1,714 ) 3,913 $ ( 0.44 ) The calculation of earnings (loss) per share excluded 49,595 share-based payment awards as of December 31, 2023 and 125,871 share-based payment awards as of January 1, 2022 because their inclusion would have been anti-dilutive.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation We maintain an omnibus stock incentive plan. This plan provides for the granting of stock options, shares of restricted stock and stock appreciation rights. As of December 31, 2023, the Board of Directors had designated 2,250,000 shares of common stock available for the grant of awards under the plan. Remaining shares available to be granted under the plan as of December 31, 2023 were 368,255 . Awards that expire or are canceled without delivery of shares become available for re-issuance under the plan. We issue new shares of common stock to satisfy stock option exercises. Nonqualified and incentive stock options and shares of restricted stock have been granted to our officers, outside directors and specified associates under our stock incentive plan. Stock options granted under the plan may not be issued with an exercise price less than the fair market value of the common stock on the date the option is granted. Stock options become exercisable as determined at the date of grant by the Compensation Committee of the Board of Directors. The options expire 10 years after the grant date unless an earlier expiration date is set at the time of grant. The options vest 1 to 4 years after the date of grant as determined by the Compensation Committee of the Board of Directors. Shares of restricted stock granted under the plan are subject to vesting criteria determined by the Compensation Committee of the Board of Directors at the time the shares are granted and have a minimum vesting period of one year from the date of grant. Unvested restricted shares granted have voting rights, regardless of whether the shares are vested or unvested, but only have the right to receive cash dividends after such shares become vested. Restricted stock grants vest 1 to 3 years after the date of grant as determined by the Compensation Committee of the Board of Directors. The fair value of each stock option grant was estimated as of the date of grant using the Black-Scholes pricing model. The fair value of each restricted stock grant was based on the market price of the underlying common stock as of the date of grant. The resulting compensation cost for fixed awards with graded vesting schedules is amortized on a straight-line basis over the vesting period for the entire award. A summary of stock option activity under our stock incentive plan for the six-month period ended December 31, 2023 follows: Shares Weighted Weighted Aggregate Balance, July 2, 2023 32,561 $ 48.88 Expired ( 24,491 ) $ 38.71 Balance, December 31, 2023 8,070 $ 79.73 0.6 — Exercisable, December 31, 2023 8,070 $ 79.73 0.6 — No options were granted, vested, or exercised during the six-month periods ended December 31, 2023 or January 1, 2023. A summary of restricted stock activity under our stock incentive plan for the six-month period ended December 31, 2023 follows: Shares Weighted Nonvested Balance, July 2, 2023 87,900 $ 32.09 Granted 51,675 $ 22.16 Vested ( 56,750 ) $ 30.12 Forfeited ( 2,600 ) $ 30.34 Nonvested Balance, December 31, 2023 80,225 $ 27.22 As of December 31, 2023, all compensation cost related to outstanding stock options granted under our omnibus stock incentive plan has been recognized. As of December 31, 2023, there was approximately $ 1.4 million of total unrecognized compensation cost related to unvested restricted stock grants outstanding under the plan. This cost is expected to be recognized over a remaining weighted average period of 1 year. Total unrecognized compensation cost will be adjusted for any future changes in estimated and actual forfeitures of awards granted under our omnibus stock incentive plan.

Pension and Postretirement Bene

Pension and Postretirement Benefits	6 Months Ended
Pension and Postretirement Benefits	Dec. 31, 2023
Retirement Benefits [Abstract]
Pension and Postretirement Benefits	Pension and Postretirement Benefits We have a noncontributory Supplemental Executive Retirement Plan (“SERP”), which is a nonqualified defined benefit plan. The SERP is funded through a Rabbi Trust with TMI Trust Company. Under the SERP, as amended December 31, 2013, participants received an accrued lump-sum benefit as of December 31, 2013, which was credited to each participant’s account. Subsequent to December 31, 2013, each eligible participant receives a supplemental retirement benefit equal to the foregoing lump sum benefit, plus an annual benefit accrual equal to 8 percent of the participant’s base salary and cash bonus, plus annual credited interest on the participant’s account balance. All then current participants as of December 31, 2013 are fully vested in their account balances with any new individuals participating in the SERP effective on or after January 1, 2014 being subject to a five year vesting period. The SERP, which is considered a nonqualified defined benefit plan under applicable rules and regulations of the Internal Revenue Code, will continue to be funded through use of a Rabbi Trust to hold investment assets to be used in part to fund any future required lump sum benefit payments to participants. The Rabbi Trust assets had a value of $ 2.7 million at December 31, 2023 and $ 2.6 million at July 2, 2023. At December 31, 2023, $ 1.2 million of the Rabbi Trust asset balance was included in Other Current Assets and $ 1.5 million was included in Other Long-Term Assets in the accompanying Condensed Consolidated Balance Sheets. At July 2, 2023, the $ 2.6 million Rabbi Trust asset balance was included in Other Long-Term Assets in the accompanying Condensed Consolidated Balance Sheets. We also sponsor a postretirement health care plan for all current and future eligible U.S. retirees hired prior to June 1, 2001. The expected cost of retiree health care benefits is recognized during the years the associates who are covered under the plan render service. Effective January 1, 2010, an amendment to the postretirement health care plan limited the benefit for future eligible retirees to $ 4,000 per plan year and the benefit is further subject to a maximum five-year coverage period based on the associate’s retirement date and age. The postretirement health care plan is unfunded. Additionally, we sponsor a postretirement life plan for all U.S. salaried retirees who retired prior to October 1, 2001 and all U.S. hourly retirees who were hired prior to June 27, 2005 and retired prior to January 1, 2010. The benefit provides for a death benefit of $ 8,000 , which is increased to $ 70,000 for disability retirees until reaching the age of 65 , in which case the death benefit thereafter decreases back to $ 8,000 . The postretirement life plan is unfunded. See "Basis of Financial Statements" above for additional information regarding certain matters related to recording a liability adjustment for the death benefit owed to eligible participants under the postretirement life plan. The service cost component of the net periodic benefit costs under these plans is allocated between Cost of Goods Sold and Engineering, Selling and Administrative Expenses while the remaining components of the net periodic benefit costs are included in Other Income (Expense), net in the accompanying Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The following tables summarize the net periodic benefit cost recognized for each of the periods indicated under these plans (in thousands): SERP Benefits Postretirement Benefits Three Months Ended Three Months Ended December 31, January 1, December 31, January 1, Service cost $ 21 $ 19 $ 2 $ 2 Interest cost 22 24 16 15 Amortization of unrecognized net loss 12 31 49 61 Net periodic benefit cost $ 55 $ 74 $ 67 $ 78 SERP Benefits Postretirement Benefits Six Months Ended Six Months Ended December 31, January 1, December 31, January 1, Service cost $ 42 $ 39 $ 4 $ 5 Interest cost 45 47 31 30 Amortization of unrecognized net loss 23 62 98 121 Net periodic benefit cost $ 110 $ 148 $ 133 $ 156

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
Accumulated Other Comprehensive Loss	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following tables summarize the changes in accumulated other comprehensive loss (“AOCL”) for each period presented (in thousands): Three Months Ended December 31, 2023 Foreign Retirement Total Balance, October 1, 2023 $ 13,407 $ 1,120 $ 14,527 Other comprehensive income before reclassifications ( 1,014 ) — ( 1,014 ) Net other comprehensive income before reclassifications ( 1,014 ) — ( 1,014 ) Reclassifications: Unrecognized net loss (A) — ( 61 ) ( 61 ) Income tax — 14 14 Net reclassifications — ( 47 ) ( 47 ) Other comprehensive income ( 1,014 ) ( 47 ) ( 1,061 ) Other comprehensive income attributable to non- ( 412 ) — ( 412 ) Balance, December 31, 2023 $ 12,805 $ 1,073 $ 13,878 Three Months Ended January 1, 2023 Foreign Retirement Total Balance, October 2, 2022 $ 17,471 $ 1,785 $ 19,256 Other comprehensive income before reclassifications ( 429 ) — ( 429 ) Net other comprehensive income before reclassifications ( 429 ) — ( 429 ) Reclassifications: Unrecognized net loss (A) — ( 92 ) ( 92 ) Income tax — 22 22 Net reclassifications — ( 70 ) ( 70 ) Other comprehensive income ( 429 ) ( 70 ) ( 499 ) Other comprehensive income attributable to non- ( 469 ) — ( 469 ) Balance, January 1, 2023 $ 17,511 $ 1,715 $ 19,226 Six Months Ended December 31, 2023 Foreign Retirement Total Balance, July 2, 2023 $ 13,028 $ 1,166 $ 14,194 Other comprehensive income before reclassifications ( 365 ) — ( 365 ) Income tax — — - Net other comprehensive income before reclassifications ( 365 ) — ( 365 ) Reclassifications: Unrecognized net loss (A) — ( 121 ) ( 121 ) Income tax — 28 28 Net reclassifications — ( 93 ) ( 93 ) Other comprehensive income ( 365 ) ( 93 ) ( 458 ) Other comprehensive income attributable to non- ( 142 ) — ( 142 ) Balance, December 31, 2023 $ 12,805 $ 1,073 $ 13,878 Six Months Ended January 1, 2023 Foreign Retirement Total Balance, July 3, 2022 $ 16,733 $ 1,855 $ 18,588 Other comprehensive loss before reclassifications 253 — 253 Net other comprehensive loss before reclassifications 253 — 253 Reclassifications: Unrecognized net loss (A) — ( 183 ) ( 183 ) Income tax — 43 43 Net reclassifications — ( 140 ) ( 140 ) Other comprehensive loss 253 ( 140 ) 113 Other comprehensive income attributable to non- ( 525 ) — ( 525 ) Balance, January 1, 2023 $ 17,511 $ 1,715 $ 19,226 (A) Amounts reclassified are included in the computation of net periodic benefit cost, which is included in Other Income (Expense), net in the accompanying Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). See Pension and Postretirement Benefits note to these Notes to Condensed Consolidated Financial Statements above.

Basis of Financial Statements (

Basis of Financial Statements (Tables)	6 Months Ended
Basis of Financial Statements (Tables)	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of the prior period corrections and Adjustments	The impact of the prior period corrections on the components of Stockholders’ Equity and the related components of Accumulated Other Comprehensive Loss was as follows (thousands of dollars): July 3, 2022 October 2, 2022 Previously Reported Adjustment As Reported Previously Reported Adjustment As Reported Retained earnings $ 241,504 $ ( 535 ) $ 240,969 $ 241,632 $ ( 538 ) $ 241,094 Accumulated other comprehensive loss ( 18,657 ) 69 ( 18,588 ) ( 19,320 ) 64 ( 19,256 ) Total STRATTEC SECURITY 188,866 ( 466 ) 188,400 189,068 ( 474 ) 188,594 Total shareholders' equity $ 220,413 $ ( 466 ) $ 219,947 $ 219,883 $ ( 474 ) $ 219,409 Accumulated other comprehensive loss: Foreign currency translation adjustments $ ( 16,723 ) $ ( 10 ) $ ( 16,733 ) $ ( 17,461 ) $ ( 10 ) $ ( 17,471 ) Retirement and postretirement benefit ( 1,934 ) 79 ( 1,855 ) ( 1,859 ) 74 ( 1,785 ) Accumulated other comprehensive loss $ ( 18,657 ) $ 69 $ ( 18,588 ) $ ( 19,320 ) $ 64 $ ( 19,256 )

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
Derivative Instruments (Tables)	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Quantification of Outstanding Mexican Peso Forward Contracts	The following table quantifies the outstanding Mexican peso forward contracts as of December 31, 2023 (thousands of dollars, except with respect to the average forward contractual exchange rate): Effective Dates Notional Amount Average Forward Contractual Exchange Rate Fair Value Buy MXP/Sell USD January 9, 2024 − June 11, 2024 $ 12,000 18.366 $ 826
Fair Market Value of All Outstanding Peso Forward Contracts	The fair market value of all outstanding Mexican peso forward contracts in the accompanying Condensed Consolidated Balance Sheets as of the dates specified was as follows (thousands of dollars): December 31, July 2, Not designated as hedging instruments: Other current assets: Mexican peso forward contracts $ 826 $ —
Pre-Tax Effects of the Peso Forward Contracts	The pre-tax effects of the Mexican peso forward contracts are included in Other Income (Expense), net on the accompanying Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) and consisted of the following for the periods indicated below (thousands of dollars): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Not designated as hedging instruments: Realized and unrealized gain, net $ 826 $ 319 $ 826 $ 522

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
Fair Value of Financial Instruments (Tables)	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities at Fair Value on Recurring Basis	The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (in thousands): Fair Value Inputs Level 1 Assets: Active Markets Level 2 Assets: Level 3 Assets: Assets: Rabbi trust assets: Stock Index Funds: Small cap $ 83 $ — $ — Mid cap 156 — — Large cap 304 — — International 379 — — Fixed income funds 453 — — Cash and cash equivalents — 1,346 — Mexican peso forward contracts — 826 — Total assets at fair value $ 1,375 $ 2,172 $ —

Equity (Loss) Earnings of Joi_2

Equity (Loss) Earnings of Joint Ventures (Tables)	6 Months Ended
Equity (Loss) Earnings of Joint Ventures (Tables)	Dec. 31, 2023
Summarize of Related Party Transaction	The following table summarizes these related party transactions for the periods indicated below (in thousands): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Engineering, research and design fee charged to $ 2,111 $ 1,990 $ 4,405 $ 4,098 Sales to ADAC $ 2,021 $ 2,528 $ 4,855 $ 5,320
VAST LLC
Summarized Statements of Operations	The following are summarized statements of operations for VAST LLC (in thousands): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Net sales $ — $ 56,953 $ — $ 123,099 Cost of goods sold — 45,969 — 101,751 Gross profit — 10,984 — 21,348 Engineering, selling and administrative expenses — 9,227 — 17,759 Income from operations — 1,757 — 3,589 Other income, net — 386 — 458 Income before provision for income taxes — 2,143 — 4,047 Provision for income taxes — 382 — 750 Net income $ — $ 1,761 $ — $ 3,297 STRATTEC's share of VAST LLC net income — 587 — 1,099 Intercompany profit elimination — 1 — 16 STRATTEC’s equity earnings of VAST LLC — 588 — 1,115 Loss on sale of VAST LLC ( 4 ) — ( 269 ) — STRATTEC’s equity (loss) earnings of VAST LLC $ ( 4 ) $ 588 $ ( 269 ) $ 1,115
Summarize of Related Party Transaction	The following table summarizes these related party transactions with VAST LLC for the periods indicated below (in thousands): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Sales to VAST LLC $ — $ 17 $ — $ 27 Purchases from VAST LLC $ — $ 13 $ — $ 27 Expenses charged to VAST LLC $ — $ 161 $ — $ 242 Expenses charged from VAST LLC $ — $ 209 $ — $ 452

Investment in Joint Ventures _2

Investment in Joint Ventures and Majority Owned Subsidiaries (Tables)	6 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summarize of Related Party Transaction	The following table summarizes these related party transactions for the periods indicated below (in thousands): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Engineering, research and design fee charged to $ 2,111 $ 1,990 $ 4,405 $ 4,098 Sales to ADAC $ 2,021 $ 2,528 $ 4,855 $ 5,320

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Dec. 31, 2023
Leases [Abstract]
Schedule of Operating Lease Asset and Obligation Included in Condensed Consolidated Balance Sheets	The operating lease asset and obligation related to our operating leases included in the accompanying Condensed Consolidated Balance Sheets are presented below (in thousands): December 31, Right-of use asset under operating lease: Other long-term assets $ 4,162 Lease obligation under operating lease: Current liabilities: Accrued liabilities: other $ 737 Other long-term liabilities 3,742 $ 4,479
Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease Including Options to Extend	Future minimum lease payments, by our fiscal year, including options to extend that are reasonably certain to be exercised, under these non-cancelable leases are as follows as of December 31, 2023 (in thousands): 2024 (for the remaining six months) $ 478 2025 979 2026 1,026 2027 1,075 2028 1,127 Thereafter 558 Total future minimum lease payments 5,243 Less: Imputed interest ( 764 ) Total lease obligations $ 4,479
Schedule of Cash Flow Information Related to Operating Lease	Cash flow information related to the operating lease is shown below (in thousands): Six Months Ended December 31, January 1, Operating cash flows: Cash paid related to operating lease obligation $ 291 $ 247
Schedule of Weighted Average Lease Term and Discount Rate for Operating Lease	The weighted average lease term and discount rate for our operating leases are shown below: December 31, Weighted average remaining lease term (in years) 5.0 Weighted average discount rate 6.2 %
Schedule of Operating Lease Expense	Operating lease expense was as follows for the periods presented below (in thousands): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Operating lease expense $ 248 $ 125 $ 495 $ 247

Credit Facilities (Tables)

Credit Facilities (Tables)	6 Months Ended
Credit Facilities (Tables)	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Borrowings Under the Credit Facilities	Outstanding borrowings under the credit facilities were as follows (in thousands): December 31, July 2, STRATTEC Credit Facility $ — $ — ADAC-STRATTEC Credit Facility 13,000 13,000 $ 13,000 $ 13,000
Schedule of Average Outstanding Borrowings and the Weighted Average Interest Rate	Average outstanding borrowings and the weighted average interest rate under each credit facility referenced above were as follows for each period presented (in thousands): Six Months Ended Average Outstanding Borrowings Weighted Average Interest Rate December 31, January 1, December 31, January 1, STRATTEC Credit Facility $ 66 $ 3,121 8.5 % 4.4 % ADAC-STRATTEC Credit Facility $ 13,000 $ 11,852 6.7 % 4.3 %

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
Shareholders' Equity (Tables)	Dec. 31, 2023
Equity [Abstract]
Summary of Activity Impacting Shareholders' Equity	A summary of activity impacting shareholders’ equity for the three- and six-month periods ended December 31, 2023 and January 1, 2023 were as follows (in thousands): Three months ended December 31, 2023 Total Common Stock Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Non-Controlling Interest Balance, October 1, 2023 $ 215,301 $ 76 $ 100,721 $ 238,464 $ ( 14,527 ) $ ( 135,514 ) $ 26,081 Net income 780 — — 1,022 — — ( 242 ) Translation adjustments 1,014 — — — 602 — 412 Stock based compensation 479 — 479 — — — — Pension and postretirement 47 — — — 47 — — Employee stock purchases 20 — 7 — — 13 — Balance, December 31, 2023 $ 217,641 $ 76 $ 101,207 $ 239,486 $ ( 13,878 ) $ ( 135,501 ) $ 26,251 Three months ended January 1, 2023 Total Common Stock Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Non-Controlling Interest Balance, October 2, 2022 $ 219,409 $ 75 $ 102,250 $ 241,094 $ ( 19,256 ) $ ( 135,569 ) $ 30,815 Net loss ( 2,515 ) — — ( 1,839 ) — — ( 676 ) Translation adjustments 429 — — — ( 40 ) — 469 Stock based compensation 263 — 263 — — — — Pension and postretirement 70 — — — 70 — — Employee stock purchases 20 — 7 — — 13 — Balance, January 1, 2023 $ 217,676 $ 75 $ 102,520 $ 239,255 $ ( 19,226 ) $ ( 135,556 ) $ 30,608 Six months ended December 31, 2023 Total Common Stock Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Non-Controlling Interest Balance, July 2, 2023 $ 211,024 $ 75 $ 100,309 $ 234,299 $ ( 14,194 ) $ ( 135,526 ) $ 26,061 Net income 5,235 — — 5,187 — — 48 Translation adjustments 365 — — — 223 — 142 Purchase of SPA non- ( 97 ) — ( 97 ) — — — — Stock based compensation 984 — 984 — — — — Pension and postretirement 93 — — — 93 — — Employee stock purchases 37 1 11 — — 25 — Balance, December 31, 2023 $ 217,641 $ 76 $ 101,207 $ 239,486 $ ( 13,878 ) $ ( 135,501 ) $ 26,251 Six months ended January 1, 2023 Total Common Stock Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Non-Controlling Interest Balance, July 3, 2022 $ 219,947 $ 75 $ 101,524 $ 240,969 $ ( 18,588 ) $ ( 135,580 ) $ 31,547 Net loss ( 2,578 ) — — ( 1,714 ) — — ( 864 ) Dividend declared – non- ( 600 ) — — — — — ( 600 ) Translation adjustments ( 253 ) — — — ( 778 ) — 525 Stock based compensation 874 — 874 — — — — Pension and postretirement 140 — — — 140 — — Stock option exercises 109 — 109 — — — — Employee stock purchases 37 — 13 — — 24 — Balance, January 1, 2023 $ 217,676 $ 75 $ 102,520 $ 239,255 $ ( 19,226 ) $ ( 135,556 ) $ 30,608

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
Revenue from Contracts with Customers (Tables)	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue by Product Group and Customer	Revenue by product group for the periods presented was as follows (thousands of dollars): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Door handles & exterior trim $ 30,155 $ 28,425 $ 62,923 $ 58,550 Power access 26,084 26,445 58,735 51,286 Keys & locksets 24,617 24,716 54,912 53,381 Latches 14,713 13,658 30,273 28,420 Aftermarket & OE service 9,028 9,493 19,932 20,141 User interface controls 11,417 8,620 22,014 17,738 Other 2,518 1,827 5,149 4,028 $ 118,532 $ 113,184 $ 253,938 $ 233,544 Revenue by customer or customer group for the periods presented was as follows (thousands of dollars): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, General Motors Company $ 36,517 $ 35,534 $ 77,022 $ 73,684 Ford Motor Company 24,634 22,149 51,543 46,765 Stellantis 13,200 16,995 40,497 34,150 Tier 1 Customers 18,055 16,083 36,178 33,392 Commercial and Other OEM 14,452 13,134 28,647 27,960 Hyundai / Kia 11,674 9,289 20,051 17,593 $ 118,532 $ 113,184 $ 253,938 $ 233,544

Other Income (Expense), net (Ta

Other Income (Expense), net (Tables)	6 Months Ended
Other Income (Expense), net (Tables)	Dec. 31, 2023
Other Income and Expenses [Abstract]
Summary of Other Income (Expense), net	The impact of these items for each of the periods presented was as follows (in thousands): Three Months Ended Six Months Ended December 31, January 1, December 31, January 1, Foreign currency transaction gain (loss) $ 147 $ ( 514 ) $ 349 $ ( 585 ) Realized and unrealized gain on peso 826 319 826 522 Pension and postretirement plans cost ( 99 ) ( 131 ) ( 197 ) ( 260 ) Rabbi trust gain 145 389 103 23 Other 83 ( 11 ) 155 59 $ 1,102 $ 52 $ 1,236 $ ( 241 )

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
Earnings (Loss) Per Share (Tables)	Dec. 31, 2023
Earnings Per Share [Abstract]
Reconciliation of the Components of Basic and Diluted Per Share	A reconciliation of the components of the basic and diluted per-share computations follows (in thousands, except per share amounts): Three Months Ended December 31, January 1, Net Income Shares Per-Share Amount Net Loss Shares Per-Share Amount Basic earnings (loss) per share $ 1,022 3,976 $ 0.26 $ ( 1,839 ) 3,927 $ ( 0.47 ) Stock option and restricted — 22 — — Diluted earnings (loss) per share $ 1,022 3,998 $ 0.26 $ ( 1,839 ) 3,927 $ ( 0.47 ) Six Months Ended December 31, January 1, Net Income Shares Per-Share Amount Net Loss Shares Per-Share Amount Basic earnings (loss) per share $ 5,187 3,962 $ 1.31 $ ( 1,714 ) 3,913 $ ( 0.44 ) Stock option and restricted — 24 — — Diluted earnings (loss) per share $ 5,187 3,986 $ 1.30 $ ( 1,714 ) 3,913 $ ( 0.44 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity Under Our Stock Incentive Plan	A summary of stock option activity under our stock incentive plan for the six-month period ended December 31, 2023 follows: Shares Weighted Weighted Aggregate Balance, July 2, 2023 32,561 $ 48.88 Expired ( 24,491 ) $ 38.71 Balance, December 31, 2023 8,070 $ 79.73 0.6 — Exercisable, December 31, 2023 8,070 $ 79.73 0.6 —
Summary of Restricted Stock Activity Under Our Stock Incentive Plan	A summary of restricted stock activity under our stock incentive plan for the six-month period ended December 31, 2023 follows: Shares Weighted Nonvested Balance, July 2, 2023 87,900 $ 32.09 Granted 51,675 $ 22.16 Vested ( 56,750 ) $ 30.12 Forfeited ( 2,600 ) $ 30.34 Nonvested Balance, December 31, 2023 80,225 $ 27.22

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	6 Months Ended
Pension and Postretirement Benefits (Tables)	Dec. 31, 2023
Retirement Benefits [Abstract]
Summary of Net Periodic Benefit Cost Recognized	The following tables summarize the net periodic benefit cost recognized for each of the periods indicated under these plans (in thousands): SERP Benefits Postretirement Benefits Three Months Ended Three Months Ended December 31, January 1, December 31, January 1, Service cost $ 21 $ 19 $ 2 $ 2 Interest cost 22 24 16 15 Amortization of unrecognized net loss 12 31 49 61 Net periodic benefit cost $ 55 $ 74 $ 67 $ 78 SERP Benefits Postretirement Benefits Six Months Ended Six Months Ended December 31, January 1, December 31, January 1, Service cost $ 42 $ 39 $ 4 $ 5 Interest cost 45 47 31 30 Amortization of unrecognized net loss 23 62 98 121 Net periodic benefit cost $ 110 $ 148 $ 133 $ 156

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of Changes in Accumulated Other Comprehensive Loss	The following tables summarize the changes in accumulated other comprehensive loss (“AOCL”) for each period presented (in thousands): Three Months Ended December 31, 2023 Foreign Retirement Total Balance, October 1, 2023 $ 13,407 $ 1,120 $ 14,527 Other comprehensive income before reclassifications ( 1,014 ) — ( 1,014 ) Net other comprehensive income before reclassifications ( 1,014 ) — ( 1,014 ) Reclassifications: Unrecognized net loss (A) — ( 61 ) ( 61 ) Income tax — 14 14 Net reclassifications — ( 47 ) ( 47 ) Other comprehensive income ( 1,014 ) ( 47 ) ( 1,061 ) Other comprehensive income attributable to non- ( 412 ) — ( 412 ) Balance, December 31, 2023 $ 12,805 $ 1,073 $ 13,878 Three Months Ended January 1, 2023 Foreign Retirement Total Balance, October 2, 2022 $ 17,471 $ 1,785 $ 19,256 Other comprehensive income before reclassifications ( 429 ) — ( 429 ) Net other comprehensive income before reclassifications ( 429 ) — ( 429 ) Reclassifications: Unrecognized net loss (A) — ( 92 ) ( 92 ) Income tax — 22 22 Net reclassifications — ( 70 ) ( 70 ) Other comprehensive income ( 429 ) ( 70 ) ( 499 ) Other comprehensive income attributable to non- ( 469 ) — ( 469 ) Balance, January 1, 2023 $ 17,511 $ 1,715 $ 19,226 Six Months Ended December 31, 2023 Foreign Retirement Total Balance, July 2, 2023 $ 13,028 $ 1,166 $ 14,194 Other comprehensive income before reclassifications ( 365 ) — ( 365 ) Income tax — — - Net other comprehensive income before reclassifications ( 365 ) — ( 365 ) Reclassifications: Unrecognized net loss (A) — ( 121 ) ( 121 ) Income tax — 28 28 Net reclassifications — ( 93 ) ( 93 ) Other comprehensive income ( 365 ) ( 93 ) ( 458 ) Other comprehensive income attributable to non- ( 142 ) — ( 142 ) Balance, December 31, 2023 $ 12,805 $ 1,073 $ 13,878 Six Months Ended January 1, 2023 Foreign Retirement Total Balance, July 3, 2022 $ 16,733 $ 1,855 $ 18,588 Other comprehensive loss before reclassifications 253 — 253 Net other comprehensive loss before reclassifications 253 — 253 Reclassifications: Unrecognized net loss (A) — ( 183 ) ( 183 ) Income tax — 43 43 Net reclassifications — ( 140 ) ( 140 ) Other comprehensive loss 253 ( 140 ) 113 Other comprehensive income attributable to non- ( 525 ) — ( 525 ) Balance, January 1, 2023 $ 17,511 $ 1,715 $ 19,226 (A) Amounts reclassified are included in the computation of net periodic benefit cost, which is included in Other Income (Expense), net in the accompanying Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). See Pension and Postretirement Benefits note to these Notes to Condensed Consolidated Financial Statements above.

Basis of Financial Statements_2

Basis of Financial Statements (Details Textual)	6 Months Ended
Basis of Financial Statements (Details Textual)	Dec. 31, 2023 Segment	Jan. 01, 2023 Subsidiary Joint_Venture
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of reporting segment \| Segment	1
VAST LLC \| CHINA
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of wholly owned subsidiaries		4
VAST LLC \| BRAZIL
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of wholly owned subsidiaries		1
VAST LLC \| INDIA
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of joint venture entities \| Joint_Venture		1

Basis of Financial Statements -

Basis of Financial Statements - Schedule of impact of the prior period corrections (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Oct. 01, 2023	Jul. 02, 2023	Jan. 01, 2023	Oct. 02, 2022	Jul. 03, 2022
ASSETS
Deferred income taxes	$ 13,625		$ 13,619
Total assets	331,751		340,930
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total current liabilities	106,336		108,986
Accrued postretirement obligations	1,154		1,157
Retained earnings	239,486		234,299		$ 241,094	$ 240,969
Accumulated other comprehensive loss	(13,878)		(14,194)		(19,256)	(18,588)
Total STRATTEC SECURITY CORPORATION shareholders’ equity	191,390		184,963		188,594	188,400
Total shareholders’ equity	217,641	$ 215,301	211,024	$ 217,676	219,409	219,947
Total liabilities and shareholders' equity	331,751		340,930
Accrued Liabilities:
Payroll and benefits	23,110		22,616
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss	(13,878)		(14,194)		(19,256)	(18,588)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss					(17,471)	(16,733)
Total shareholders’ equity	(12,805)	(13,407)	(13,028)	(17,511)	(17,471)	(16,733)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss					(17,471)	(16,733)
Retirement and Postretirement Benefit Plans
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss					(1,785)	(1,855)
Total shareholders’ equity	$ (1,073)	$ (1,120)	$ (1,166)	$ (1,715)	(1,785)	(1,855)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss					(1,785)	(1,855)
Previously Reported
LIABILITIES AND SHAREHOLDERS’ EQUITY
Retained earnings					241,632	241,504
Accumulated other comprehensive loss					(19,320)	(18,657)
Total STRATTEC SECURITY CORPORATION shareholders’ equity					189,068	188,866
Total shareholders’ equity					219,883	220,413
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss					(19,320)	(18,657)
Previously Reported \| Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss					(17,461)	(16,723)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss					(17,461)	(16,723)
Previously Reported \| Retirement and Postretirement Benefit Plans
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss					(1,859)	(1,934)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss					(1,859)	(1,934)
Adjustment
LIABILITIES AND SHAREHOLDERS’ EQUITY
Retained earnings					(538)	(535)
Accumulated other comprehensive loss					64	69
Total STRATTEC SECURITY CORPORATION shareholders’ equity					(474)	(466)
Total shareholders’ equity					(474)	(466)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss					64	69
Adjustment \| Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss					(10)	(10)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss					(10)	(10)
Adjustment \| Retirement and Postretirement Benefit Plans
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss					74	79
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss					$ 74	$ 79

New Accounting Standard (Detail

New Accounting Standard (Details Textual) - ASU 2016-13	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Oct. 01, 2023
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true

Value-Added Tax (Details Textua

Value-Added Tax (Details Textual) $ in Millions	6 Months Ended
Value-Added Tax (Details Textual) $ in Millions	Dec. 31, 2023 USD ($)
Value-Added Tax [Abstract]
Value added tax recoverable increased	$ 10

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Quantification of Outstanding Mexican Peso Forward Contracts (Details) - Currency buy sell under contract one $ in Thousands	6 Months Ended
	Dec. 31, 2023 USD ($) $ / $
Derivative [Line Items]
Derivative, Effective Dates, Inception	Jan. 09, 2024
Derivative, Effective Dates, Maturity	Jun. 11, 2024
Derivative, Notional Amount	$ 12,000
Derivative, Average Forward Contractual Exchange Rate \| $ / $	18.366
Derivative, Fair Value	$ 826

Derivative Instruments - Fair M

Derivative Instruments - Fair Market Value of All Outstanding Peso Forward Contracts (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Mexican Peso Forward Contracts \| Other Current Assets
Not Designated as Hedging Instruments:
Fair market value of derivative instruments	$ 826

Derivative Instruments - Pre-Ta

Derivative Instruments - Pre-Tax Effects of the Peso Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Pre-tax effects of the Mexican peso forward contracts
Unrealized Loss			$ 826	$ (23)
Not Designated as Hedging Instrument \| Other Expense, Net
Pre-tax effects of the Mexican peso forward contracts
Realized and unrealized gain, net	$ 826	$ 319	$ 826	$ 522

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring $ in Thousands	Dec. 31, 2023 USD ($)
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	$ 1,375
Level 1 \| Fixed Income Funds \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	453
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	2,172
Level 2 \| Mexican Peso Forward Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	826
Stock Index Funds \| Level 1 \| Small Cap \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	83
Stock Index Funds \| Level 1 \| Mid Cap \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	156
Stock Index Funds \| Level 1 \| Large Cap \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	304
Stock Index Funds \| Level 1 \| International \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	379
Cash and Cash Equivalents \| Level 2 \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	$ 1,346

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions	Dec. 31, 2023	Jul. 02, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi Trust Assets	$ 2.7	$ 2.6
Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi Trust Assets	1.2
Other Noncurrent Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi Trust Assets	$ 1.5	$ 2.6

Investment in Joint Ventures _3

Investment in Joint Ventures and Majority Owned Subsidiaries (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended	18 Months Ended
	Jul. 31, 2023	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023	Jul. 02, 2023	Dec. 31, 2023	Jun. 29, 2023
Schedule Of Equity Method Investments [Line Items]
Equity (loss) earnings of joint ventures		$ (4,000)	$ 588,000	$ (269,000)	$ 1,115,000
Payments to acquire interest in joint venture					104,000
VAST LLC
Schedule Of Equity Method Investments [Line Items]
Equity (loss) earnings of joint ventures						$ 110,000
Total loss on disposal of investment in VAST LLC							$ 159,000
VAST LLC \| BRAZIL
Schedule Of Equity Method Investments [Line Items]
Payments to acquire interest in joint venture					$ 312,000
VAST LLC \| MINDA-VAST ACCESS SYSTEMS
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment			50%		50%
STRATTEC \| ADAC-STRATTEC LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary		51%	51%	51%	51%		51%
Majority owned subsidiary, impact on net income				$ 234,000	$ (950,000)
Majority owned subsidiary, impact on net sales				62,900,000	$ 58,500,000
STRATTEC \| Strattec Power Access Llc
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest purchased in less than wholly owned subsidiary			20%		20%
Percentage ownership interest in less than wholly owned consolidated subsidiary			80%		80%
STRATTEC \| VAST LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment			33.33%		33.33%			33.33%
Equity (loss) earnings of joint ventures				$ (269,000)	$ 1,100,000
Additional purchase price received under the VAST LLC restructuring agreement	$ 2,000,000
Payments to acquire interest in joint venture					$ 104,000
ADAC \| ADAC-STRATTEC LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary		49%	49%	49%	49%		49%
Engineering, research, design and sales fee		$ 2,111,000	$ 1,990,000	$ 4,405,000	$ 4,098,000
ADAC \| ADAC-STRATTEC LLC \| Related Party
Schedule Of Equity Method Investments [Line Items]
Revenue from related parties		$ 2,021,000	$ 2,528,000	$ 4,855,000	$ 5,320,000
ADAC \| VAST LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment			33.33%		33.33%
WITTE \| Strattec Power Access Llc
Schedule Of Equity Method Investments [Line Items]
Purchases			$ 142,000		$ 277,000
Percentage ownership interest in less than wholly owned consolidated subsidiary			20%		20%
WITTE \| VAST LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment			33.33%		33.33%
WITTE \| STRATTEC \| VAST LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary			20%		20%

Investment in Joint Ventures _4

Investment in Joint Ventures and Majority Owned Subsidiaries - Summarize of Related Party Transaction (Details) - ADAC-STRATTEC LLC - ADAC - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Related Party Transaction [Line Items]
Engineering, research and design fee	$ 2,111	$ 1,990	$ 4,405	$ 4,098
Related Party
Related Party Transaction [Line Items]
Revenue from related parties	$ 2,021	$ 2,528	$ 4,855	$ 5,320

Equity (Loss) Earnings of Joi_3

Equity (Loss) Earnings of Joint Ventures (Details Textual)	Jun. 29, 2023	Jan. 01, 2023
VAST LLC \| STRATTEC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.33%	33.33%

Equity (Loss) Earnings of Joi_4

Equity (Loss) Earnings of Joint Ventures - Summarized Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Summarized statements of operations
Net sales	$ 118,532	$ 113,184	$ 253,938	$ 233,544
Cost of goods sold	105,035	105,797	221,721	213,661
Gross profit	13,497	7,387	32,217	19,883
Engineering, selling and administrative expenses	13,439	12,081	26,053	24,781
Income (loss) from operations	58	(4,694)	6,164	(4,898)
Other income, net	1,102	52	1,236	(241)
Income (loss) before provision for income taxes and non-controlling interest	1,044	(4,250)	6,886	(4,349)
Provision (benefit) for income taxes	264	(1,735)	1,651	(1,771)
Net income (loss)	780	(2,515)	5,235	(2,578)
VAST LLC \| Equity Method Investment Summarized Financial Information
Summarized statements of operations
Net sales		56,953		123,099
Cost of goods sold		45,969		101,751
Gross profit		10,984		21,348
Engineering, selling and administrative expenses		9,227		17,759
Income (loss) from operations		1,757		3,589
Other income, net		386		458
Income (loss) before provision for income taxes and non-controlling interest		2,143		4,047
Provision (benefit) for income taxes		382		750
Net income (loss)		1,761		3,297
STRATTEC's share of VAST LLC net income		587		1,099
Intercompany profit elimination		1		16
STRATTEC's equity earnings of VAST LLC prior to impact of sale of VAST LLC		588		1,115
Loss on sale of VAST LLC	(4)		(269)
STRATTEC's equity (loss) earnings of VAST LLC	$ (4)	$ 588	$ (269)	$ 1,115

Equity (Loss) Earnings of Joi_5

Equity (Loss) Earnings of Joint Ventures - Summarize of Related Party Transaction (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Schedule Of Equity Method Investments [Line Items]
Sales to VAST LLC	$ 118,532	$ 113,184	$ 253,938	$ 233,544
VAST LLC \| Equity Method Investee
Schedule Of Equity Method Investments [Line Items]
Sales to VAST LLC		17		27
Purchases from VAST LLC		13		27
Expenses charged to VAST LLC		161		242
Expenses charged from VAST LLC		$ 209		$ 452

Leases (Details Textual)

Leases (Details Textual)	6 Months Ended
Leases (Details Textual)	Dec. 31, 2023 OfficeSpace
El Paso Warehouse Lease [Member]
Lessee, Lease, Description [Line Items]
Operating lease, existence of option to extend	false
Operating lease, expiration term	2028-12
Korean Branch Office [Member]
Lessee, Lease, Description [Line Items]
Lease renewal term	2024-06
Leases term end date	2024-06
Number of operating leases	2
Lease extension period	4 years

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Asset and Obligation Included in Condensed Consolidated Balance Sheets (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Right-of use asset under operating lease:
Operating lease right-of-use asset	$ 4,162
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets
Lease obligation under operating lease:
Current liabilities: Accrued liabilities: other	$ 737
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other
Other long-term liabilities	$ 3,742
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities
Operating lease, liability	$ 4,479

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease Including Options to Extend (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024 (for the remaining six months)	$ 478
2025	979
2026	1,026
2027	1,075
2028	1,127
Thereafter	558
Total future minimum lease payments	5,243
Less: Imputed interest	(764)
Total lease obligations	$ 4,479

Leases - Schedule of Cash Flow

Leases - Schedule of Cash Flow Information Related to Operating Lease (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Operating cash flows:
Cash paid related to operating lease obligation	$ 291	$ 247

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Lease Term and Discount Rate for Operating Lease (Details)	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	5 years
Weighted average discount rate	6.20%

Leases - Schedule of Operatin_2

Leases - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Leases [Abstract]
Operating lease expense	$ 248	$ 125	$ 495	$ 247

Credit Facilities (Details Text

Credit Facilities (Details Textual) - USD ($)	4 Months Ended	6 Months Ended		7 Months Ended	8 Months Ended	11 Months Ended
Credit Facilities (Details Textual) - USD ($)	Dec. 31, 2023	Dec. 31, 2023	Sep. 05, 2023	Feb. 06, 2023	Feb. 22, 2023	Dec. 31, 2023
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Secured revolving credit facility	$ 40,000,000	$ 40,000,000				$ 40,000,000
Credit facility maturity date		Aug. 01, 2026
STRATTEC Credit Facility \| LIBOR
Line Of Credit Facility [Line Items]
Interest rate on borrowings under the credit facility					LIBOR plus 1.25
Interest rate - percentage points - on borrowings under credit facility					1.25%
STRATTEC Credit Facility \| SOFR
Line Of Credit Facility [Line Items]
Interest rate on borrowings under the credit facility	SOFR plus 1.85 percent subsequent to September 5, 2023		SOFR plus 1.35 percent for the period February 23, 2023 through September 5, 2023
Interest rate - percentage points - on borrowings under credit facility	1.85%		1.35%
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Secured revolving credit facility	$ 25,000,000	$ 25,000,000				$ 25,000,000
Credit facility maturity date		Aug. 01, 2024
ADAC-STRATTEC Credit Facility \| LIBOR
Line Of Credit Facility [Line Items]
Interest rate on borrowings under the credit facility				LIBOR plus 1.25 percent
Interest rate - percentage points - on borrowings under credit facility				1.25%
ADAC-STRATTEC Credit Facility \| SOFR
Line Of Credit Facility [Line Items]
Interest rate on borrowings under the credit facility						SOFR plus 1.35 percent subsequent to February 6, 2023
Interest rate - percentage points - on borrowings under credit facility						1.35%

Credit Facilities - Schedule of

Credit Facilities - Schedule of Outstanding Borrowings Under the Credit Facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jul. 02, 2023
Line Of Credit Facility [Line Items]
Outstanding Borrowing, Current	$ 13,000
Outstanding Borrowing, Non-current		$ 13,000
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Outstanding Borrowing, Current	$ 13,000
Outstanding Borrowing, Non-current		$ 13,000

Credit Facilities - Schedule _2

Credit Facilities - Schedule of Average Outstanding Borrowings and the Weighted Average Interest Rate (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Average Outstanding Borrowings	$ 66	$ 3,121
Weighted Average Interest Rate	8.50%	4.40%
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Average Outstanding Borrowings	$ 13,000	$ 11,852
Weighted Average Interest Rate	6.70%	4.30%

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Jul. 02, 2023
Commitments and Contingencies Disclosure [Abstract]
Environmental	$ 1,390	$ 1,390

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Activity Impacting Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Summary of activity impacting shareholders' equity
Beginning balance	$ 215,301	$ 219,409	$ 211,024	$ 219,947
Net income (loss)	780	(2,515)	5,235	(2,578)
Dividend declared - non- controlling Interests of subsidiaries				(600)
Translation adjustments	1,014	429	365	(253)
Purchase of SPA non-controlling interest			(97)
Stock based compensation	479	263	984	874
Pension and postretirement adjustment, net of tax	47	70	93	140
Stock option exercises				109
Employee stock purchases	20	20	37	37
Ending balance	217,641	217,676	217,641	217,676
Common Stock
Summary of activity impacting shareholders' equity
Beginning balance	76	75	75	75
Employee stock purchases			1
Ending balance	76	75	76	75
Capital in Excess of Par Value
Summary of activity impacting shareholders' equity
Beginning balance	100,721	102,250	100,309	101,524
Purchase of SPA non-controlling interest			(97)
Stock based compensation	479	263	984	874
Stock option exercises				109
Employee stock purchases	7	7	11	13
Ending balance	101,207	102,520	101,207	102,520
Retained Earnings
Summary of activity impacting shareholders' equity
Beginning balance	238,464	241,094	234,299	240,969
Net income (loss)	1,022	(1,839)	5,187	(1,714)
Ending balance	239,486	239,255	239,486	239,255
Accumulated Other Comprehensive Loss
Summary of activity impacting shareholders' equity
Beginning balance	(14,527)	(19,256)	(14,194)	(18,588)
Translation adjustments	602	(40)	223	(778)
Pension and postretirement adjustment, net of tax	47	70	93	140
Ending balance	(13,878)	(19,226)	(13,878)	(19,226)
Treasury Stock
Summary of activity impacting shareholders' equity
Beginning balance	(135,514)	(135,569)	(135,526)	(135,580)
Employee stock purchases	13	13	25	24
Ending balance	(135,501)	(135,556)	(135,501)	(135,556)
Non-Controlling Interest
Summary of activity impacting shareholders' equity
Beginning balance	26,081	30,815	26,061	31,547
Net income (loss)	(242)	(676)	48	(864)
Dividend declared - non- controlling Interests of subsidiaries				(600)
Translation adjustments	412	469	142	525
Ending balance	$ 26,251	$ 30,608	$ 26,251	$ 30,608

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Revenue by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Product Information [Line Items]
Revenue	$ 118,532	$ 113,184	$ 253,938	$ 233,544
Door Handles & Exterior Trim
Product Information [Line Items]
Revenue	30,155	28,425	62,923	58,550
Power Access
Product Information [Line Items]
Revenue	26,084	26,445	58,735	51,286
Keys & Locksets
Product Information [Line Items]
Revenue	24,617	24,716	54,912	53,381
Latches
Product Information [Line Items]
Revenue	14,713	13,658	30,273	28,420
Aftermarket & OE Service
Product Information [Line Items]
Revenue	9,028	9,493	19,932	20,141
User Interface Controls
Product Information [Line Items]
Revenue	11,417	8,620	22,014	17,738
Other
Product Information [Line Items]
Revenue	$ 2,518	$ 1,827	$ 5,149	$ 4,028

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Revenue by Customer or Customer Group (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 118,532	$ 113,184	$ 253,938	$ 233,544
General Motors Company
Entity Wide Revenue Major Customer [Line Items]
Revenue	36,517	35,534	77,022	73,684
Ford Motor Company
Entity Wide Revenue Major Customer [Line Items]
Revenue	24,634	22,149	51,543	46,765
Stellantis
Entity Wide Revenue Major Customer [Line Items]
Revenue	13,200	16,995	40,497	34,150
Tier 1 Customers
Entity Wide Revenue Major Customer [Line Items]
Revenue	18,055	16,083	36,178	33,392
Commercial and Other OEM Customers
Entity Wide Revenue Major Customer [Line Items]
Revenue	14,452	13,134	28,647	27,960
Hyundai / Kia
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 11,674	$ 9,289	$ 20,051	$ 17,593

Other Income (Expense), net - S

Other Income (Expense), net - Summary of Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Other Income and Expenses [Abstract]
Foreign currency transaction gain (loss)	$ 147	$ (514)	$ 349	$ (585)
Realized and unrealized gain on peso forward contracts, net	826	319	826	522
Pension and postretirement plans cost	(99)	(131)	(197)	(260)
Rabbi trust gain	145	389	103	23
Other	83	(11)	155	59
Other income (expense), net	$ 1,102	$ 52	$ 1,236	$ (241)

Income Taxes (Details Textual)

Income Taxes (Details Textual)	3 Months Ended		6 Months Ended
Income Taxes (Details Textual)	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Income Tax [Line Items]
Effective income tax rate	25.30%	40.80%	24%	40.70%

Earnings (Loss) Per Share - Rec

Earnings (Loss) Per Share - Reconciliation of the Components of Basic and Diluted Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Reconciliation of the components of the basic and diluted per share
Net Income (Loss), Basic earnings (loss) per share	$ 1,022	$ (1,839)	$ 5,187	$ (1,714)
Net Income (Loss), Diluted earnings (loss) per share	$ 1,022	$ (1,839)	$ 5,187	$ (1,714)
Basic earnings (loss) per share, Number of Shares	3,976	3,927	3,962	3,913
Stock option and restricted stock awards	22		24
Diluted earnings (loss) per share, Number of Shares	3,998	3,927	3,986	3,913
Basic earnings (loss) per share	$ 0.26	$ (0.47)	$ 1.31	$ (0.44)
Diluted earnings (loss) per share	$ 0.26	$ (0.47)	$ 1.30	$ (0.44)

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details Textual) - shares	6 Months Ended
Earnings (Loss) Per Share (Details Textual) - shares	Dec. 31, 2023	Jan. 01, 2023
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from earnings per share computation	49,595	125,871

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award number of shares authorized	2,250,000
Shares of common stock available for grant	368,255
Options, granted	0	0
Options, vested	0	0
Options, exercised	0	0
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options expires after date of grant	10 years
Employee Stock Option \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	1 year
Employee Stock Option \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	4 years
Restricted stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested restricted stock grants	$ 1.4
Weighted average period over which unrecognized compensation is expected to be recognized	1 year
Restricted stock \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	1 year
Restricted stock \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	3 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity Under Our Stock Incentive Plan (Details)	6 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Shares, Beginning Balance \| shares	32,561
Shares, Expired \| shares	(24,491)
Shares, Ending Balance \| shares	8,070
Shares, Exercisable \| shares	8,070
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 48.88
Weighted Average Exercise Price, Expired \| $ / shares	38.71
Weighted Average Exercise Price, Ending Balance \| $ / shares	79.73
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 79.73
Weighted Average Remaining Contractual Term, Outstanding	7 months 6 days
Weighted Average Remaining Contractual Term, Exercisable, Outstanding	7 months 6 days

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Activity Under Our Stock Incentive Plan (Details) - Restricted stock	6 Months Ended
	Dec. 31, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, Shares Beginning Balance \| shares	87,900
Granted, Shares \| shares	51,675
Vested, Shares \| shares	(56,750)
Forfeited, Shares \| shares	(2,600)
Nonvested, Shares Ending Balance \| shares	80,225
Nonvested, Weighted Average Grant Date Fair Value Beginning Balance \| $ / shares	$ 32.09
Granted, Weighted Average Grant Date Fair Value \| $ / shares	22.16
Vested, Weighted Average Grant Date Fair Value \| $ / shares	30.12
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	30.34
Nonvested, Weighted Average Grant Date Fair Value Ending Balance \| $ / shares	$ 27.22

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Details Textual)	6 Months Ended
Pension and Postretirement Benefits (Details Textual)	Dec. 31, 2023 USD ($) Age	Jul. 02, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Rabbi Trust Assets - SERP	$ 2,700,000	$ 2,600,000
Postretirement plan annual benefit limit for future eligible retirees	$ 4,000
Other postretirement benefits maximum benefit period	5 years
Postretirement death benefit	$ 8,000
Postretirement benefit increase in disability retirees	$ 70,000
Disability retirees age \| Age	65
Decrease in death benefit for disability retirees	$ 8,000
Other Current Assets
Defined Benefit Plan Disclosure [Line Items]
Rabbi Trust Assets - SERP	1,200,000
Other Long-Term Assets
Defined Benefit Plan Disclosure [Line Items]
Rabbi Trust Assets - SERP	$ 1,500,000	$ 2,600,000
Supplemental Employee Retirement Plan, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Percentage of participant's base salary received as Supplemental Retirement Benefits	8%
Vesting period, SERP	5 years

Pension and Postretirement Be_4

Pension and Postretirement Benefits - Summary of Net Periodic Benefit Cost Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
SERP Benefits
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service cost	$ 21	$ 19	$ 42	$ 39
Interest cost	22	24	45	47
Amortization of unrecognized net loss	12	31	23	62
Net periodic benefit cost	55	74	110	148
Postretirement Benefits
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service cost	2	2	4	5
Interest cost	16	15	31	30
Amortization of unrecognized net loss	49	61	98	121
Net periodic benefit cost	$ 67	$ 78	$ 133	$ 156

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ (215,301)	$ (219,409)	$ (211,024)	$ (219,947)
Reclassifications:
Other comprehensive income (loss)	(1,061)	(499)	(458)	113
Ending Balance	(217,641)	(217,676)	(217,641)	(217,676)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	13,407	17,471	13,028	16,733
Other comprehensive income (loss) before reclassifications	(1,014)	(429)	(365)	253
Net other comprehensive loss before reclassifications	(1,014)	(429)	(365)	253
Reclassifications:
Other comprehensive income (loss)	(1,014)	(429)	(365)	253
Other comprehensive income (loss) attributable to non- controlling interest	(412)	(469)	(142)	(525)
Ending Balance	12,805	17,511	12,805	17,511
Retirement and Postretirement Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	1,120	1,785	1,166	1,855
Reclassifications:
Unrecognized net loss	(61)	(92)	(121)	(183)
Reclassifications, Income tax	14	22	28	43
Net reclassifications	(47)	(70)	(93)	(140)
Other comprehensive income (loss)	(47)	(70)	(93)	(140)
Ending Balance	1,073	1,715	1,073	1,715
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	14,527	19,256	14,194	18,588
Other comprehensive income (loss) before reclassifications	(1,014)	(429)	(365)	253
Net other comprehensive loss before reclassifications	(1,014)	(429)	(365)	253
Reclassifications:
Unrecognized net loss	(61)	(92)	(121)	(183)
Reclassifications, Income tax	14	22	28	43
Net reclassifications	(47)	(70)	(93)	(140)
Other comprehensive income (loss)	(1,061)	(499)	(458)	113
Other comprehensive income (loss) attributable to non- controlling interest	(412)	(469)	(142)	(525)
Ending Balance	$ 13,878	$ 19,226	$ 13,878	$ 19,226